AirAsia has launched its own unit in the Philippines. AirAsia CEO Tony Fernandes said the local unit will be known as AirAsia Philippines, Inc. in which AirAsia will hold 40 percent, while the rest will be held by a group led by businessman Antonio Cojuangco.
It is expected to begin flight operations by August 2011 using either Clark or Subic. “We do expect to be profitable straight away,” Mr. Fernandes was quoted as saying. The new unit has an authorized capital expenditure of US$25 million.